Here are 12 ways to grow your mortgage business fast using A.I.
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Navigating Mortgage Headwinds: A Closer Look at What Impacts Turn Times
Let’s start with a fun trivia question: Is this graph showing the insane amount of money the Federal Reserve pumped into the economy after COVID? Or is it tracking the popularity of The Knack’s 1979 hit song “My Sharona” following its release? Think about it… Most people under 50 are wondering what I’m even talking about. Look up the song if you must! Come on people, take a guess…It’s the popularity of “My Sharona”!
Mortgage Job Cuts Not Due to Volume
Switching gears to the mortgage industry on this Friday. You may have noticed longer turn times lately, but it’s not from a surge in demand. Unfortunately, it’s because of staffing cuts. As this graph shows, financial companies announced over 23,000 job cuts in January – the highest monthly number since 2018.
Many mortgage lenders have commercial lending exposure, and that segment is struggling badly now. Combine declining commercial business with lower residential mortgage demand, and companies are looking to trim headcount. This could directly impact support teams that you rely on.
The Case for Contract Processing
This really makes you re-think the value of contract processing. Mortgage lenders can easily cut internal processing staff based on volume and profits. But contract processors only care about processing loans – nothing else. They will staff appropriately regardless of market cycles. From a loan officer perspective, contract processing may actually improve service in slower markets.
It goes to show there’s value in different companies specializing in what they do best. So if your company does switch to contract processing to cut costs, don’t panic. It could mean faster turn times, lower expenses, and even better expertise on your loans. No offense to your current processors!
Stay Focused on What Matters
The point is, there are many things beyond our control right now that can distract us. It’s tempting to get frustrated. But as the saying goes “This too shall pass.” We have to stay laser focused on our jobs and serving borrowers, not sweating factors outside our sphere of influence. What matters most is passionately helping households find the right home loan. The rest will work itself out.
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